January 20, 2015 / 3:13 PM / 3 years ago

Redbox operator Outerwall's CEO steps down

(Reuters) - Redbox video rental kiosk operator Outerwall Inc’s Chief Executive J. Scott Di Valerio has stepped down, less than two years at the company’s helm.

A Redbox video rental machine is seen at a Walmart in Broomfield, Colorado November 24, 2014. REUTERS/Rick Wilking

Board member Nora Denzel has been appointed interim CEO until a successor for Di Valerio is found, Outerwall said on Tuesday.

The company’s shares fell as much as 12 percent to $68.25 in early trading on the Nasdaq.

Di Valerio, who joined Outerwall in 2010 as chief financial officer, has also resigned from the company’s board.

Outerwall also estimated revenue of $598 million-$602 million for the fourth quarter. Analysts on average had expected $596.3 million, according to Thomson Reuters I/B/E/S.

Outerwall had earlier forecast revenue of $575 million-$605 million for the quarter.

Reporting by Anya George Tharakan in Bengaluru; Editing by Kirti Pandey

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